NEW YORK, Feb 11, 2026, 10:48 (EST) — Regular session
Shares of CVS Health Corporation dipped roughly 0.6% to $75.24 on Wednesday, continuing a volatile run following yesterday’s close. So far, the stock has fluctuated between $74.74 and $76.20, with just over 1.3 million shares traded.
Behind this minor shift lies a deeper debate: can CVS prevent medical expenses from eating into Aetna’s profits while still pushing growth through its pharmacy and drug-benefit operations? Medicare Advantage—private plans managing Medicare benefits—is right at the heart of this tussle.
CVS reported adjusted earnings of $1.09 per share for the fourth quarter, with revenue hitting $105.7 billion on Tuesday. The company stuck to its 2026 forecast, expecting adjusted earnings between $7.00 and $7.20 per share and revenue of at least $400 billion. However, it lowered its 2026 cash flow from operations projection to a minimum of $9.0 billion, down from the previous target of at least $10.0 billion. (CVS Health Investors)
CVS topped Wall Street forecasts for the quarter despite a dip in profit compared to last year, driven by solid performance in its pharmacy benefit segment and increased prescription volume at retail outlets. CFO Brian Newman emphasized his focus on maintaining a “Say-Do ratio” for targets and hinted that CVS might still exceed its 2026 objectives. He also noted that while medical cost trends remain high, they are consistent with the company’s projections. Leerink analyst Michael Cherny described the unchanged forecast as potentially “a bit of a letdown” for investors, but said the cautious tone was expected given the “moving pieces across the markets.” (Reuters)
On the earnings call, CEO David Joyner described the proposed 2027 Medicare Advantage rates as “disappointing,” arguing they “do not match the level of medical cost trend in the industry.” Aetna’s Steve Nelson echoed the criticism, calling the rates “simply not adequate based on the trends and the medical costs that we’ve seen.” (Fiercehealthcare)
CVS filed an 8-K on Feb. 10, sharing its earnings report for the quarter and full year ending Dec. 31, 2025. (SEC)
Medicare-related jitters didn’t just shake one stock. UnitedHealth Group ticked up 0.1% Wednesday, but Humana dropped roughly 3.7%, and Cigna slid 0.8%.
The downside remains clear. If medical usage stays high or if Medicare Advantage payments don’t get better than proposed, CVS might struggle to turn its pharmacy gains into stronger insurance profits.
Investors now have their eyes on the Centers for Medicare & Medicaid Services calendar: comments on the 2027 Medicare Advantage and Part D advance notice must be submitted by Feb. 25. The final 2027 rate announcement will follow, arriving no later than April 6. (Cms)
